Bitcoin BTC BAKKT Futures Resulting In Massive Shorts...Again
Bitcoin BTC has shown us that TA is always a huge factor and when the 50D crossed below the 100D we saw the bears step in. With the recent Bakkt futures launch and minor 'death cross', it's very high risk to be long on BTC.
Interestingly enough, when futures first launched over a year ago we saw a similar market reaction with shorts dominating the order books. The difference this time is we were able to consolidate very well at 10K meaning we won't see nearly the type of short we saw last year.
We have very solid support as BTC corrects and gaps are filled so an exciting time ahead! I believe we will see some altcoins take rise during this period and BTC will begin to cool down between 8-10K.
We have the 200D MA holding us around 8300-8600 which has acted as good support in the past for BTC. There is a chance we can wick to lower numbers but I believe that's where we want to watch for more potential bullish action.
Nonetheless, the bulls couldn't keep BTC above 10K and I am glad we were able to grab a great short entry above 10K as we saw the breakdown before it occurred.
As always our TPC family will always be the first informed. We have added some analysts so more signals should be coming your way on all markets where we see opportunity. We are implementing a filtering/vetting process as well to tighten up the quality of trades.
Interestingly enough, when futures first launched over a year ago we saw a similar market reaction with shorts dominating the order books. The difference this time is we were able to consolidate very well at 10K meaning we won't see nearly the type of short we saw last year.
We have very solid support as BTC corrects and gaps are filled so an exciting time ahead! I believe we will see some altcoins take rise during this period and BTC will begin to cool down between 8-10K.
We have the 200D MA holding us around 8300-8600 which has acted as good support in the past for BTC. There is a chance we can wick to lower numbers but I believe that's where we want to watch for more potential bullish action.
Nonetheless, the bulls couldn't keep BTC above 10K and I am glad we were able to grab a great short entry above 10K as we saw the breakdown before it occurred.
As always our TPC family will always be the first informed. We have added some analysts so more signals should be coming your way on all markets where we see opportunity. We are implementing a filtering/vetting process as well to tighten up the quality of trades.
Comment:
Exactly what we predicted happened and now BTC has touched the 200D MA. Let’s expect a bounce from here and see what further price action does from there.
Comment:
We caught some good swings at the 200D MA bounce and now it’s time for the shorts to finalize and hit our 7500 target which should be support as this next leg down is completed.
Comment:
Closing above the 4hr EMA , good sign for short term bullish price action
Comment:
BTC Medium Term Update:
Bitcoin has rejected on the 200D MA & also isn’t above 40 on the 4hr EMA. I’d like to see price action above these levels before going long as we have now confirmed the 200D MA resistance.
We are also in the weekend where manipulation is high so it’s going to be a matter of going above these levels until I see a good opportunity for a long position.
Looking at overall market structure we are sitting in a empty zone where price can very well head lower but there isn’t enough reward for a short in my opinion.
If we see any break down I think we may find some great discounts on BTC around the 7-7.5k level. We will be watching and updating our TPC family as always.
Bitcoin has rejected on the 200D MA & also isn’t above 40 on the 4hr EMA. I’d like to see price action above these levels before going long as we have now confirmed the 200D MA resistance.
We are also in the weekend where manipulation is high so it’s going to be a matter of going above these levels until I see a good opportunity for a long position.
Looking at overall market structure we are sitting in a empty zone where price can very well head lower but there isn’t enough reward for a short in my opinion.
If we see any break down I think we may find some great discounts on BTC around the 7-7.5k level. We will be watching and updating our TPC family as always.
Comment:
Bitcoin BTC Over 200D MA Update:
We are now above a major level that can hold us as support and possibly indicate a temporary bottom for this new consolidation period we may enter.
Now let’s let price action mature by seeing a 4hr close above the 200D MA & preferably a daily candle close to confirm this as support.
The 200D MA can be a great support for this corrective wave allowing BTC to gain momentum over the next few months.
We caught some great entries with our signals and will continue to post more for our TPC family.
We are now above a major level that can hold us as support and possibly indicate a temporary bottom for this new consolidation period we may enter.
Now let’s let price action mature by seeing a 4hr close above the 200D MA & preferably a daily candle close to confirm this as support.
The 200D MA can be a great support for this corrective wave allowing BTC to gain momentum over the next few months.
We caught some great entries with our signals and will continue to post more for our TPC family.
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